Landry's CEO Succumbs to Credit Realities

The downturn is hitting the casual-restaurant sector more than most. Pretty much everything is going against them: customers avoiding them like the plague, rising costs, and no access to credit, which many of them need if they are to have any hope of competing. As I note over at The Big Money, this is no time for a rich management buyout offer, and Tillman Fertatti, the CEO of Landry's, seems to have finally realized it. He'll reduce his offer in order to secure financing for the debt-laden deal, he has told his board.